I’am still very sceptical to such “friendly fork” and more and more concerns raise the longer i think about it:
1.) Security concern: As mentioned allready several times if Ycash isn’t the top coin of the algo there will be ALWAYS the threat of a 51% attack. In case such attack soon or late happens it would have a negative impact for Zcash as well. Just be sure that Zcash will be mentioned in every article as well beside Ycash.
2.) Mining Community concern: Zcash since Asic “adoption” has without doubt lost a lot of the mining community. Best indicator is the drop of the active wallets from over 121,000 to ~20,000. The launch of Ycash will come around the same time ETH switches to POS. There is no doubt that the ETH hashpower will be distributed along the remaining projects even given Ycash some miner activity boost when it goes to gpu mining. However, this would as well mean that immediatly there is a good chance Ycash outperforming on miner count & active wallets. I can’t see a positive impact for Zcash here. A real good strategy in my opinion would have been ZEC switching back to gpu mining and taking ALL the free hashpower from ETH. There is a good chance ZEC would become #1 for gpu mining making it as secure as ETH is currently against 51% attacks. Not even talking about the huge active mining commmunity increase and the active wallets. No idea why nobody as even strategical thoughts at Zcash but leave this field to some fork coin…
Economical concern 1: There is a good chance that economicaly such friendly fork pricewise will turn out like the Bitcoin Cash fork, no matter it was unfriendly “war” fork. Making both currencies at least short time losing a lot on their price levels. Every price change has impact on the (ZE) Dev and Foundation funding as well. At very least there is a risk that one if not both may lose on price short term, mid term and eventually even long term.
4.) Economical concern 2: Dumping Ycash immediatly. There is again a good chance, as witnessed allready at Zcash release that price will fall a lot after release. This is just logical as forks from a given currency and/or airdrops are just a “bonus” to orginal currency holder. There is no really incentive, expect for hardcore believers, to hold such coin after it’s a known impact that price in most cases will fall immediatly after release. At least that’s my overservation on several forked coins, including Zcash itself. Sure, there are some expections, but these are way less.
5.) Economical concern 3: As seen on many pre-airdrop/fork cases. The price of the main currency will temporary rise right bevor the snapshot. No doubt that this will happen to ZEC as well attracting a lot of day traders that will sell right bevor the snap shot their ZEC at highest price as right after the snapshot price will fall. I even have no doubts that exactly this scenario will happen. As soon as the snapshot will happen ZEC price will go down immediatly.
6.) Zcash Dev Resources: I have no doubt that this will take away Zcash Dev Resources which try to help at start and mostly later as well. Each “wasted” Zcash Dev resources means less development at Zcash itself. No matter how big the “help” for Ycash is it will always proportionally impact the Zcash development. This is even more likely as the ECC company and others will have a big stake in Ycash anyway. Just logical in my opinion.
7.) Zcash investors and independence concerns: I have no idea how big the stakes are from the early Zcash investors like Roger Ver and all the others, but someone should/could assume that they still hold large ZEC stakes. All these will become automaticly Ycash bag holders immediatly, just as usual with chain forks. Nobody knows their stance towards the Ycash project. At release date all these big stake holders may act upon their personal economical believe, holding, dumping, or pump and dump. Nobody knows but i think this should be at least a minor concern as well.
8.) “Expiring ZEC founders reward bypass attempt” concern: As i said earlier in this thread it could be seen as an attempt to bypass the expiring ZEC founders attempt. With the ZEC founders reward soon (2020) expiring, having a “friendly fork” with creates a new founders reward for lifetime and with the intention to share future technology/innovations/whatever from Ycash towards Zcash it’s really near to think that just a new development fund is created to replace the expiring one. Even if it’s not intentionally the result will be the same. What happens anyway in 2020 when the founders reward expires and no more funding is generated long term? Some conspiracy theories: Could it be that step by step the Zcash team gets hired by the Ycash team? Could it be that Ycash becomes the major coin and Zcash gets more or less just abandoned? Has the change from Zcash Company into Electric Coin Compain something to do with this? Is it really just and only 1 person behind the Ycash project or supported by way more inside/internal ZEC “people”? And and and. Just raising some conspiracy theories that would raise soon or late anyway. I have no stance on these by the way!
9.) Upolding a promise which isn’t broken yet concern: It has been mentioned allready, but it’s worth to mention it again. How strange is this indeed? Promising to uphold a broken promise which isn’t broken yet and there is even so far no indicator that it will be broken? There are 2 possible options here in my opinion. Either it is internally known allready that the founders reward will be extended or the Ycash statement is at least missleading and suggesting that the promise will be broken. After the whole asic resistance debatte this suggesting isn’t really friendly at all and puts Zcash into a corner with the slogan: “We don’t care about promises ever…”
10.) ZEC foundation support concern: While i agree with everything @acityinohio wrote in this topic expect this one: I wish you luck, as does the Zcash Foundation. We will continue to support Zcash (and thus Ycash downstream)
Seriously? You guys/girls at the foundation are realy great people i honestly like, but you are still lagging a lot behind the goals made for/by the foundation. I strongly hope you re-consider this one and put 100% into Zcash matters and leave alone every non-ZEC project. At least as long as ALL ZEC foundation goals are achieved. After that, if you still have some free spare time support whomever you feel like, but until this happend and the ZEC foundation is lagging i strongly hope ALL effords are put into the ZEC direction and nothing else.
11.) Recent news concern: Right now the online news are distributing all around this Ycash fork with headlines like:
- Zcash announces Ycash hardfork: (Strange i didn’t saw any Zcash announcement so far)
- The Zcash community has announced that Ycash …(A One-Man-Show) shouldn’t be mentioned as the community. There was no poll, no discussion, no nothing, how can someone talk about the community???)
- We are launching Ycash to restore a goal (Again suggests a whole team and/or bigger community part behind this project)
- Ycash will maintain the positive features of Zcash such as zero-knowledge infrastructure.(Ok, and the negative features will remain with Zcash, lol, very friendly, thx a lot)
Stoping here, got to long anyway allready, not that there are not more concerns, but hopefully others will mention them…